Fill a cocktail shaker with ice and add the 1 ounce amaretto, 1 ounce peach schnapps, 3 ounces silver tequila, and 6 ounces pineapple juice.
Cover with the lid and shake vigorously for 30 seconds until the shaker is nice and cold.
Fill two tall glasses with ice, then divide the tequila cocktail mixture between them, almost filling each glass. Slowly pour 1/2 ounce grenadine down the side of each glass so that it falls to the bottom.
Garnish each glass with 1 lime slice and 3 maraschino cherries on a cocktail toothpick. Serve immediately.